General Discussion: Property thread


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stoney
stoney avatar

17816 posts since 22/1/05

25 Apr 2022 19:21
It will be a lease and share of freehold
Rirawin
Rirawin avatar

9652 posts since 17/7/05

25 Apr 2022 19:24
Cheers, thought that only applied to apartments and not houses? I'm guessing that'll cause issues when it comes to doing extensions and alterations to the exterior of the property?
R
R avatar

13339 posts since 17/5/03

posted 25 Apr 2022 21:16, edited 25 Apr 2022 21:16
stoney wrote: It will be a lease and share of freehold

if it's not part of a wider estate, why would that be the case? ie what other properties would have a share
stoney
stoney avatar

17816 posts since 22/1/05

26 Apr 2022 05:28
Sorry didn’t read it properly, thought it was a flat. You need to run it by a conveyancer. I’ve not come a cross this with a house specifically.
stoney
stoney avatar

17816 posts since 22/1/05

26 Apr 2022 05:31
But as the freeholds being transferred shouldn’t be an issue or risk at the least.
Kadafi39
Kadafi39 avatar

2198 posts since 30/10/09

26 Apr 2022 09:55
stoney wrote: It will be a lease and share of freehold

Not necessarily, often the freehold title and leasehold title can be owned by the same person.

Lawyers often don't merge the titles or surrender the leasehold title as the lease may contain rights and generally speaking your solicitor is not going to do it for free, so unless you pay and specifically ask them it isn't routinely merged on completion.

However there's no real benefit in surrendering a leasehold title if you own the freehold anyway you are in control.

Kadafi39
Kadafi39 avatar

2198 posts since 30/10/09

26 Apr 2022 09:55
stoney wrote: But as the freeholds being transferred shouldn’t be an issue or risk at the least.

This is pretty much it, if you are obtaining the freehold title anyway the associated leasehold title is largely irrelevant.
Rirawin
Rirawin avatar

9652 posts since 17/7/05

posted 26 Apr 2022 10:06, edited 26 Apr 2022 10:06
Thanks for the feedback everyone. Don't get me wrong I'm happy to pay for a solicitor to merge upon complication if this is possible. Are we talking a few bags of sand for the work involved? I'm just thinking in the future it's tidier/more appealing if the property is listed as a freehold when selling, as I myself are always put off by leasehold properties. It's just so happens this property ticks a lot of boxes so decided to enquire.

Conversely is it possible to request the vendor to merge the two titles before selling/exchanging? Been doing some reading and read that you can't merge the two titles if there's a mortgage involved - I'm presuming the vendor has paid the mortgage off on the property.
stoney
stoney avatar

17816 posts since 22/1/05

26 Apr 2022 18:38
Can you ask the Vendor why the arrangement was out in place in the first place ?
R
R avatar

13339 posts since 17/5/03

27 Apr 2022 00:53
Rirawin wrote: Thanks for the feedback everyone. Don't get me wrong I'm happy to pay for a solicitor to merge upon complication if this is possible. Are we talking a few bags of sand for the work involved? I'm just thinking in the future it's tidier/more appealing if the property is listed as a freehold when selling, as I myself are always put off by leasehold properties. It's just so happens this property ticks a lot of boxes so decided to enquire.

Conversely is it possible to request the vendor to merge the two titles before selling/exchanging? Been doing some reading and read that you can't merge the two titles if there's a mortgage involved - I'm presuming the vendor has paid the mortgage off on the property.

100%
Kadafi39
Kadafi39 avatar

2198 posts since 30/10/09

posted 27 Apr 2022 12:41, edited 27 Apr 2022 12:41
Rirawin wrote: Thanks for the feedback everyone. Don't get me wrong I'm happy to pay for a solicitor to merge upon complication if this is possible. Are we talking a few bags of sand for the work involved? I'm just thinking in the future it's tidier/more appealing if the property is listed as a freehold when selling, as I myself are always put off by leasehold properties. It's just so happens this property ticks a lot of boxes so decided to enquire.

Conversely is it possible to request the vendor to merge the two titles before selling/exchanging? Been doing some reading and read that you can't merge the two titles if there's a mortgage involved - I'm presuming the vendor has paid the mortgage off on the property.

Wouldn't cost that much unless you use some large EC1 firm, if we were merging titles at the same time as applying to amend the register anyway would only be an extra £4-500 + vat.

Re the lender, the charge should have been registered against the freehold title in the first place, so they wouldn't even need to get involved in surrendering or merging the L'hold title if they have no interest over it.

On any future sale you would list the property as a freehold anyway (regardless of whether a lhold title still exists) as you own the fhold title and will be conveying the same to the buyer.
Crackajack
Crackajack avatar

8204 posts since 21/4/05

27 Apr 2022 18:35
Our mortgage is up for renewal as current fixed deal ends soon.

Given that the best offer seems to be 2 or 5 year fixed at the same rate (and tellingly not offering longer, as 10yr used to be a thing) surely fixing for as long as possible is best? Or even a higher rate for longer than 5 yr? Cant see interest rates falling any time soon.
R
R avatar

13339 posts since 17/5/03

27 Apr 2022 18:39
Crackajack wrote: Our mortgage is up for renewal as current fixed deal ends soon.

Given that the best offer seems to be 2 or 5 year fixed at the same rate (and tellingly not offering longer, as 10yr used to be a thing) surely fixing for as long as possible is best? Or even a higher rate for longer than 5 yr? Cant see interest rates falling any time soon.

not convinced about that
sydneyking
sydneyking avatar

5238 posts since 26/9/09

27 Apr 2022 18:54
Me neither
Crackajack
Crackajack avatar

8204 posts since 21/4/05

27 Apr 2022 19:09
well sure nothing is certain, but if rates do fall they don't always pass that on but if they go up they do.

To contradict my first post, perhaps if rates were to rise that's why there seems to be shorter fixes available - so they can move customers on to a higher rate sooner. If rates were to stay same / fall they be offering longer deals I guess Puzzled

Ultimately we know we can afford the 5yr (most other things being equal) which makes it a safer option.
sydneyking
sydneyking avatar

5238 posts since 26/9/09

27 Apr 2022 19:15
I remember taking a 10 year fixed years back, split with the girl I was with soon after buying the house and ended up with an £18k early repayment charge
R
R avatar

13339 posts since 17/5/03

posted 27 Apr 2022 21:31, edited 27 Apr 2022 21:31
Crackajack wrote: well sure nothing is certain, but if rates do fall they don't always pass that on but if they go up they do.

To contradict my first post, perhaps if rates were to rise that's why there seems to be shorter fixes available - so they can move customers on to a higher rate sooner. If rates were to stay same / fall they be offering longer deals I guess Puzzled

Ultimately we know we can afford the 5yr (most other things being equal) which makes it a safer option.

weren't there reports the other week that 10 year fixed mortgages were the same/lower than 3 year? Until the last time, I've always remortgaged at the wrong time, but if I were to do so now, I'd probably only fix for a year or 2.
themistake
themistake avatar

10870 posts since 20/2/06

2 May 2022 17:44
Anyone got a high LTA percentage bridging loan before?
Toasted
Toasted avatar

1741 posts since 15/10/09

3 May 2022 06:51
sydneyking wrote: I remember taking a 10 year fixed years back, split with the girl I was with soon after buying the house and ended up with an £18k early repayment charge

Similar story here involving similar amounts. Graphic.
joeyjojo
joeyjojo avatar

4715 posts since 24/8/06

13 May 2022 09:52
Anyone have any advice to with regards to changing a residential mortgage to a buy-to-let being a non uk resident? Most of the places I’ve looked at expect you to be a resident.
Also any recommendations for brokers/ advisors that may be able to help in this situation?